Technological advancements and rising demand for high tensile and corrosion resistence material for enhanced durabiliy are encouraging the growth of the market.
Market Size – USD 1.66 Billion in 2020, Market Growth – CAGR of 4.1%, Market Trends – Rising demand from aerospace industry
The Titanium Sponge for Aerospace & Defense Market is forecast to reach USD 2.27 Billion by 2028, according to a new report by Reports and Data. Titanium sponge is a form of titanium that is brittle and porous in nature. It shows high elasticity, with a high strength-to-weight ratio. It is utilized as a base for titanium billets, alloys, ingots, and others. Moreover, it shows low electrical and thermal conductivity and is one of the usual corrosion-resistant structural metals.
Titanium sponge is achieved by the administration of the Kroll process on raw titanium ore. The obtained titanium sponge has various impurities. These impurities usually are nitrogen, hydrogen, chlorine, silicon, oxygen, iron magnesium, among others.
The Asia Pacific region is forecasted to register the highest CAGR of 4.2% during the forecast period. Soaring demand from economies such as Japan, China, and India are encouraging the market demand in the APAC region. The largest consumer of magnet wires is China and is expected to maintain its position in the future years.
Key participants include Tangshan Tianhe, Zunyi, ZTMC, Shuangrui Wanji, VSMPO AVISMA, Solikamsk, OSAKA, UKTMP JSC, The Kerala Minerals & Metals Ltd., Toho Titanium, and Timet. BAOJI TITANIUM INDUSTRY CO., LTD.
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Further key findings from the report suggest
- Titanium sponge is mostly used in liquid propellant tanks of launch vehicles, gas bottle/liners, intertank structures, and interface rings for satellites in the aerospace and defense industries.
- It is an essential material in the fabrication and production process of various components and parts in the aerospace and defense industry.
- The aviation grade metals need a range of testing methods for suiting the materials for aerospace requirements.
- For fitting into these tests, the most effective method is to produce high-grade material, also referred to as aerospace grade that has purity levels of over 99.7%.
- The high-grade category is valued at USD 0.45 billion in 2020 and is estimated to reach USD 0.64 at the highest CAGR of 4.3% during the forecast period.
- High grade with high aluminium content is primarily used in applications such as engine parts and aircraft fuselage.
- The application in military aircraft is estimated to witness the highest CAGR of 4.4% during the forecast period.
- The rapid growth may be due to the enhanced application outlook in reconnaissance, aerial warfare, surveillance, and ability to provide supplies to isolated areas in military operations.
- The surge in emphasis for effective operations will enhance the application of Ti sponge in military aircraft, especially for airframes.
- Various companies have adopted several strategies, including mergers, acquisitions, and partnerships to hold ongoing trails and come up with new developments in the market.
- For example, in August 2015, the Indian government fully approved the operation of The Kerala Minerals & Metals Ltd., with a primary production capacity of 500 tons.
- Due to this development, India was the seventh country across the globe that has its in-house Ti generation convenience.
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For the purpose of this report, Reports and Data have segmented into the Titanium Sponge for Aerospace & Defense Market on the basis of Category, Technology, Application and Region:
Category Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- High Grade
- Medium Grade
- Low Grade
Technology Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Process automation and data logging
Application Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Commercial Aircraft
- Military Aircraft
- Naval Ship
- Armor Plating and Missile
Regional Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- North America
- Asia Pacific
- Latin America
Key Questions Answered In The Report
- What will be the market size and growth rate in the forecast year?
- What are the key factors driving the global Titanium Sponge for Aerospace & Defense market?
- What are the risks and challenges in front of the market?
- Who are the key players in the global Titanium Sponge for Aerospace & Defense market?
- What are the trending factors influencing the market shares?
- What are the key outcomes of Porter’s five forces model?
- Which are the global opportunities for expanding the global Titanium Sponge for Aerospace & Defense market?
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Table of Contents:
- Global Titanium Sponge for Aerospace & Defense Market Overview
- Economic Impact on Industry
- Market Competition by Manufacturers
- Production, Revenue (Value) by Region
- Market Effect Factors Analysis
- Industrial Chain, Sourcing Strategy and Downstream Buyers
- Supply (Production), Consumption, Export, Import by Regions
- Production, Revenue (Value), Price Trend by Type
- Global Titanium Sponge for Aerospace & Defense Market Forecast
- Global Titanium Sponge for Aerospace & Defense Market Analysis by Application
- Manufacturing Cost Analysis
- Marketing Strategy Analysis, Distributors/Traders
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